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The first step before looking at homes is getting mortgage pre-approval from a bank mortgage broker or an independent mortgage broker. This will either tell you how much they will lend you and at what interest rate, or what you need to do before you can borrow and get pre-approved. They typically look at things like your income, the amount available for a down payment and your credit history.

Having pre-approval gives you a better idea of which homes you should look at and can afford and it lets your realtor know that you are a serious buyer.

There is nothing worse than finding out after an offer is made that you can not get the financing and your dream home purchase crashes!

Here are some great sites to use to help get a better idea about mortgages and pre-approval:

Tired of renting? Living in a basement? Need more space? The process of buying your first home can be overwhelming. Here are some steps to consider to turn your dream into reality.

– Review your budget(yes, you need one!) Do you make enough monthly income to qualify for a mortgage and pay for the mortgage payment, taxes, condo fees (if there are any), utilities and regular maintenance? You can count on needing at least $1500 a month. Check this website out for great budgeting ideas:

– Talk to your bank or a mortgage broker. They can help you find out what you qualify for. If you don’t qualify yet, they can help you make a plan.

– Go online and check what’s available and for what price. Be realistic about your expectations. House, duplex or condo? New or old? Remember, it’s a process, you probably won’t be starting out in your dream house!

With a bit of planning, your first home doesn’t need to look like this!